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India’s exports fell 8.7% short of target in 2014

Saturday, 18 April 2015 6:59 AM [ Last Update: Saturday, 18 April 2015 6:59 AM ]

Indian bystanders watch share prices displayed on a digital broadcast on the facade of the Bombay Stock Exchange (BSE) building in Mumbai on March 4, 2015. (AFP Photo)

Figures published by the Indian government reveal that the world’s fastest growing economy fell 8.7% short of its export target during the last fiscal year.

Merchandise exports in the year ended March 31 fell short of the $340 billion target set by the government.

Meanwhile, the exports stood at $310.5 billion, down more than 1% from $314 billion a year earlier.

Decreasing demands in global markets including the U.S. and Europe have hurt Indian exports.

Meanwhile, a sharp drop in crude oil prices has also negatively affected demand for Indian petroleum products.

The latest data released by the government also show that exports in March plunged 21% from a year earlier to $23.95 billion. Meanwhile, imports dropped by 13.44% to $35.74 billion, widening the trade deficit to $11.79 billion from $10.95 billion a year earlier.

India is seen as the 7th largest economy in the world in nominal terms and 3rd largest by purchasing power.

New Delhi has already announced plans to increase its annual export to as high as $900 billion within the next five years.

According to the International Monetary Fund, India’s economy is growing faster than China’s in 2015. Also, its currency, the rupee, has gained in value against the dollar this year.

International credit rating major Moody’s has predicted that the Indian economy will grow marginally faster at 7.5 per cent this year compared with 7.2 per cent in 2014.

Moody’s has already revised its outlook on India to ‘positive’ from ‘stable.

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